WWE Chairman and Chief Executive Officer Vince McMahon sold 2,191,894 shares of WWE’s Class A common stock, netting him nearly $40 million according to the 8-K document filed yesterday with the Securities and Exchange Commission.
The shares sold represent around 6% of the company’s outstanding shares of Class A common stock. McMahon owns 37,080,747 shares of the Company’s Class B common stock, around 86% of the Company’s total voting power and approximately 48.8% of the Company’s total outstanding shares of common stock.
The filing says that other than this sale, there are no plans to sell any more shares and intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.
The reasoning behind the sale was listed as, “estate planning purposes for the benefit of Mr. McMahon and certain members of Mr. McMahon’s family.”